Tearsheet

Teradyne (TER)


Market Price (11/6/2025): $185.96 | Market Cap: $29.5 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Teradyne (TER)


Market Price (11/6/2025): $185.96
Market Cap: $29.5 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
Stock price has recently run up significantly
6M Rtn6 month market price return is 150%
1   Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%
2   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
1 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
2 Stock price has recently run up significantly
6M Rtn6 month market price return is 150%
3 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.3%
4 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 66%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%

Market Valuation & Key Metrics

TER Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
TER Return77%37%-46%25%17%50%182%
Peers Return50%54%-32%59%2%63%317%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
TER Win Rate58%58%50%58%67%60% 
Peers Win Rate60%68%37%63%47%58% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
TER Max Drawdown-35%-13%-56%-5%-12%-46% 
Peers Max Drawdown-34%-5%-49%-8%-12%-23% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: KEYS, FORM, LRCX, AMAT, KLAC. See TER Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/5/2025 (YTD)

How Low Can It Go

Unique KeyEventTERS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-57.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven136.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1111 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-41.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven72.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven77 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-42.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven72.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven212 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-83.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven516.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven818 days1480 days

Compare to KEYS, FORM, LRCX, AMAT, KLAC


In The Past

Teradyne's stock fell -57.7% during the 2022 Inflation Shock from a high on 12/27/2021. A -57.7% loss requires a 136.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Teradyne (TER)

Better Bets than Teradyne (TER)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to TER. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield10312025ZBRAZebra TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.1%-1.1%-3.3%
ACN_10312025_Dip_Buyer_ValueBuy10312025ACNAccentureDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.9%-0.9%-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy10312025ADBEAdobeDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.4%-1.4%-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025TXNTexas InstrumentsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.3%1.3%-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper10242025MRVLMarvell TechnologyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.4%10.4%0.0%
TER_4302025_Dip_Buyer_High_CFO_Margins_ExInd_DE04302025TERTeradyneDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
135.0%153.4%-0.6%
TER_11302022_Dip_Buyer_ValueBuy11302022TERTeradyneDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.4%-0.9%-11.2%
TER_4302022_Dip_Buyer_FCFYield04302022TERTeradyneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-20.8%-13.0%-32.2%
TER_12312018_Dip_Buyer_FCFYield12312018TERTeradyneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
56.3%118.9%-5.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield10312025ZBRAZebra TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.1%-1.1%-3.3%
ACN_10312025_Dip_Buyer_ValueBuy10312025ACNAccentureDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.9%-0.9%-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy10312025ADBEAdobeDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.4%-1.4%-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025TXNTexas InstrumentsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.3%1.3%-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper10242025MRVLMarvell TechnologyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.4%10.4%0.0%
TER_4302025_Dip_Buyer_High_CFO_Margins_ExInd_DE04302025TERTeradyneDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
135.0%153.4%-0.6%
TER_11302022_Dip_Buyer_ValueBuy11302022TERTeradyneDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
7.4%-0.9%-11.2%
TER_4302022_Dip_Buyer_FCFYield04302022TERTeradyneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-20.8%-13.0%-32.2%
TER_12312018_Dip_Buyer_FCFYield12312018TERTeradyneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
56.3%118.9%-5.7%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Teradyne

Financials

TERKEYSFORMLRCXAMATKLACMedian
NameTeradyne Keysight.FormFact.Lam Rese.Applied .KLA  
Mkt Price187.59185.8555.36165.05240.891,227.10186.72
Mkt Cap29.832.04.3208.7192.2161.796.8
Rev LTM2,8605,24375919,59228,61312,5248,884
Op Inc LTM539889426,4668,6235,2313,060
FCF LTM4571,41555,5505,8233,8732,644
FCF 3Y Avg4271,181204,9646,4573,4132,297
CFO LTM6751,5431056,3847,7054,2482,896
CFO 3Y Avg6111,347915,5317,7883,7372,542

Growth & Margins

TERKEYSFORMLRCXAMATKLACMedian
NameTeradyne Keysight.FormFact.Lam Rese.Applied .KLA  
Rev Chg LTM4.5%4.8%2.3%25.7%6.6%22.1%5.7%
Rev Chg 3Y Avg-4.3%0.1%-0.5%4.0%4.4%8.7%2.1%
Rev Chg Q4.3%11.1%-2.5%27.7%7.7%13.0%9.4%
QoQ Delta Rev Chg LTM1.1%2.6%-0.7%6.3%1.9%3.0%2.3%
Op Mgn LTM18.8%17.0%5.6%33.0%30.1%41.8%24.5%
Op Mgn 3Y Avg19.4%20.2%3.1%30.2%29.4%38.9%24.8%
QoQ Delta Op Mgn LTM-0.4%0.1%0.2%1.0%0.5%0.5%0.3%
CFO/Rev LTM23.6%29.4%13.9%32.6%26.9%33.9%28.2%
CFO/Rev 3Y Avg22.0%25.5%12.5%32.5%28.5%34.0%27.0%
FCF/Rev LTM16.0%27.0%0.7%28.3%20.4%30.9%23.7%
FCF/Rev 3Y Avg15.4%22.3%2.7%29.3%23.7%31.1%23.0%

Valuation

TERKEYSFORMLRCXAMATKLACMedian
NameTeradyne Keysight.FormFact.Lam Rese.Applied .KLA  
Mkt Cap29.832.04.3208.7192.2161.796.8
P/S10.46.15.610.76.712.98.6
P/EBIT56.729.154.931.221.031.331.2
P/E67.158.8104.935.928.138.248.5
P/CFO44.120.740.732.724.938.135.4
Total Yield1.7%1.7%1.0%3.3%4.3%3.2%2.5%
Dividend Yield0.3%0.0%0.0%0.6%0.7%0.6%0.4%
FCF Yield 3Y Avg2.2%4.3%0.6%4.4%4.4%3.6%4.0%
D/E0.00.10.00.00.00.00.0
Net D/E-0.00.0-0.1-0.0-0.00.0-0.0

Returns

TERKEYSFORMLRCXAMATKLACMedian
NameTeradyne Keysight.FormFact.Lam Rese.Applied .KLA  
1M Rtn26.9%7.2%30.0%10.7%7.6%7.7%9.2%
3M Rtn79.0%15.6%100.4%72.4%35.6%38.4%55.4%
6M Rtn150.5%24.3%86.6%120.9%55.5%77.5%82.1%
12M Rtn78.7%20.0%41.1%118.3%30.5%84.8%59.9%
3Y Rtn124.4%13.4%188.5%306.8%170.0%285.9%179.2%
1M Excs Rtn32.6%8.1%41.4%16.4%12.6%11.9%14.5%
3M Excs Rtn69.2%8.1%90.7%59.6%24.7%27.6%43.6%
6M Excs Rtn129.8%3.6%66.0%100.2%34.8%56.8%61.4%
12M Excs Rtn58.4%4.0%24.2%104.4%14.1%66.5%41.3%
3Y Excs Rtn58.1%-68.8%98.4%246.1%104.9%224.5%101.7%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Semiconductor Test1,9572,0812,6422,2601,553
Robotics375403376280298
All Other344    
Corporate And Eliminations00 -1-1
System Test 469468410287
Wireless Test 202217173157
Total2,6763,1553,7033,1212,295


Assets by Segment
$ Mil20242023202220212020
Semiconductor Test1,3891,3831,2461,070785
Corporate And Eliminations1,1701,1931,5841,6241,102
Robotics737666701713672
All Other191    
System Test 166171138131
Wireless Test 9410810697
Total3,4873,5013,8093,6522,787


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity9,028,194
Short Interest: % Change Since 9302025-12.5%
Average Daily Volume3,230,774
Days-to-Cover Short Interest2.79
Basic Shares Quantity158,595,000
Short % of Basic Shares5.7%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/202520.5%  
7/30/202518.9%18.1%29.2%
4/29/2025-2.5%-1.8%4.6%
1/30/2025-5.7%-7.7%-9.9%
10/24/2024-11.0%-12.0%-15.2%
7/25/2024-13.4%-8.6%-8.6%
4/25/20248.2%12.9%39.4%
1/31/2024-7.6%-6.5%-0.8%
...
SUMMARY STATS   
# Positive10910
# Negative141514
Median Positive4.1%3.7%11.7%
Median Negative-3.3%-6.1%-6.8%
Max Positive20.5%21.0%39.4%
Max Negative-22.4%-18.2%-16.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251030202510-Q 9/28/2025
6302025801202510-Q 6/29/2025
3312025502202510-Q 3/30/2025
12312024220202510-K 12/31/2024
93020241101202410-Q 9/29/2024
6302024802202410-Q 6/30/2024
3312024503202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231103202310-Q 10/1/2023
6302023804202310-Q 7/2/2023
3312023505202310-Q 4/2/2023
12312022222202310-K 12/31/2022
93020221104202210-Q 10/2/2022
6302022805202210-Q 7/3/2022
3312022506202210-Q 4/3/2022
12312021223202210-K 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Smith Gregory StephenPresident and CEO10152025Sell145.241,108160,92613,765,411Form
1Smith Gregory StephenPresident and CEO9242025Sell126.3955470,02012,118,905Form
2Smith Gregory StephenPresident and CEO9162025Sell115.0055463,71011,090,484Form
3Smith Gregory StephenPresident and CEO8142025Sell106.0055458,72410,281,257Form
4JOHNSON MERCEDES8072025Sell106.0062566,2501,204,478Form